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No concrete plans to launch TV channels or delist from Indian market, says Eros

MUMBAI: Eros International Media has said that it has no concrete plans to launch a television channel at this stage as it is focusing on building its digital product Eros Now.

“We reiterate that at this point of time the group has no concrete plans to foray into the television market and is currently focusing on its digital strategy,” Eros said in a statement on BSE.

Eros was planning to launch a Hindi movie and a music channel. However, a group of shareholders, led by UK-based Knight Assets & Co, cautioned the company against going ahead with its plans and rather focus on its digital business.

Eros has a library of over 3000 movies across multiple Indian languages along with their music rights.

According to a report in The Times of India, the New York Stock Exchange-listed company is planning to delist from the stock exchanges in India. Denying the news, Eros stated that it has no plans to delist from Indian bourses.

“The news item regarding the de-listing of Eros International Media Ltd, India from the stock exchanges is speculative in nature and no such move is under contemplation. The company has no plans to delist from the BSE and NSE, and has not started any process formal or informal with respect to this,” the company clarified.

It also added, “The company is in control of its own strategy and has all the shareholders’ interests in mind while devising and executing the same.”

Eros stock rose 12.87 per cent during the day to close at Rs 499.35.

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